SYDNEY :Australia's central bank will do whatever it takes to bring inflation under control, its governor said on Wednesday, warning households to brace for the pain ahead while risks of higher inflation persisted. Data released on Wednesday showed consumer prices rising by much more than expected in April, p
SYDNEY :Australia's central bank will do whatever it takes to bring inflation under control, its governor said on Wednesday, warning households to brace for the pain ahead while risks of higher inflation persisted.
Appearing before lawmakers, Governor Philip Lowe said inflation expectations were well anchored for now, but that cannot be taken for granted and entrenched inflation would lead to higher interest rates and unemployment. Underscoring the inflation fight is not over yet, the monthly consumer price index rose 6.8 per cent in the year to April, compared with 6.3 per cent in the previous month and market forecasts of 6.4 per cent. On a monthly basis, CPI rose by a strong 0.8 per cent from March.
He conceded the success in the inflation fight is not guaranteed, and"it's going to be painful for a while yet" for Australian households.
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